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On Nov. 25, 2008, in the depths of a once-in-a-lifetime financial crisis, the U.S. Federal Reserve, in partnership with the Treasury Department, announced a plan to buy up to $800 billion worth ...
Quantitative easing (QE) is a monetary policy action where a central bank purchases predetermined amounts of government bonds or other financial assets in order to stimulate economic activity. [1] Quantitative easing is a novel form of monetary policy that came into wide application after the 2007–2008 financial crisis.
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The crisis in 2008 also made Ben Bernanke create a pseudonym, Edward Quince. According to the Wall Street Journal, the false name was evidence in a class-action lawsuit against the government by shareholders of AIG, which had been given a Fed-backed bailout when it was near collapse.
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This new round of quantitative easing provided for an open-ended commitment to purchase $40 billion agency mortgage-backed securities per month until the labor market improves "substantially". Some economists believe that Scott Sumner 's blog [ 11 ] on nominal income targeting played a role in popularizing the "wonky, once-eccentric policy" of ...
December 1, 2008: The NBER announced the US was in a recession and had been since December 2007. The Dow tumbled 679.95 points or 7.8% on the news. [171] [95] December 6, 2008: The 2008 Greek riots began, sparked in part by economic conditions in the country. [citation needed] December 16, 2008: The federal funds rate was lowered to zero ...